Financial commentator and Bitcoin critic Peter Schiff in a recent post on X provided insight into the world’s leading digital asset. As per his take, the plunge in Bitcoin price will not crash below the current level as Bitcoin ETF buyers are yet to panic.
Schiff: Resilient Bitcoin ETF whales will determine price
Notably, Schiff assessed the trading activity of Bitcoin ETF whales. Available metrics show these large holders are unfazed by the recent drop in Bitcoin price below the $60,000 level in the last few days.
Based on trading activity it looks like #BitcoinETF buyers are still HODLing. So far there's no sign of panic. It will likely take a much larger drop in #Bitcoin before they finally capitulate. That may come as soon as next week, especially after another big selloff this weekend.
— Peter Schiff (@PeterSchiff) July 5, 2024
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As per CoinMarketCap data, Bitcoin is currently up by 3.73% to $56,536.78 in the last 24 hours. This significant rise comes after the digital asset plummeted to as low as $53,900. Analysts had attributed this to the German Government’s transfer of 1,300 BTC to Bitstamp, Kraken and Coinbase. The BTC transferred recently was worth approximately $75.53 million.
According to Schiff’s latest analysis, it will take a larger drop in the price of Bitcoin for whales to surrender and begin dumping the asset. If the Bitcoin ETF holders hit the sell button, this will further drive down the price of BTC.
Schiff is projecting that such a scenario is likely next week. Notably, the Bitcoin critic is basing his projections on a huge sell-off this weekend.
Critical warning to investors
Recently, Peter Schiff had in a chart suggested that Bitcoin will lose about 60% of its value. Some market watchers say Schiff’s predictions seem unlikely as that would see Bitcoin crash below $30,000.
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These analysts maintain that Schiff tilts toward bearish extremes because he is not a fan of the digital asset.
Meanwhile, Schiff has issued a critical warning to investors of Bitcoin ETF, noting that given its poor showing in the second quarter of this year compared to gold, the digital asset is likely to suffer more losses.